Turning Myths into Money: An Insiders Guide to Winning the Real Estate Game

by H. Richard Steinhoff

Overview

What would you do if your real estate wealth suddenly dropped 30 percent?
Well, that is exactly what happened to the American homeowner in 2009-2010.
Real estate in America today is a disaster!  Property values have fallen dramatically, resulting in a loss of real estate wealth averaging over $70,000 per household, with a total loss nationwide of 5.5 trillion dollars. Foreclosures are on the rise, and short sales are rampant.
Homeowners are in trouble, homebuyers are afraid, and they all need help.
"Turning Myths into Money: An Insider’s Guide to Winning the Real Estate Game" will provide that help. This is a “one-source” text filled with insider secrets— plus answers, tips, and real solutions to guide homeowners, homebuyers, and investors through these turbulent times.
Insight is provided into the topics of agent selection, buying a house, and selling a house as well as:
* Short sales
* Foreclosures
* Investing      
* Financing
The author also reveals insider secrets and tips to protect and build wealth.

Product Details

ISBN-13:	9781600379420
Publisher:	Morgan James Publishing
Publication date:	06/01/2011
Pages:	210
Product dimensions:	5.90(w) x 9.00(h) x 0.60(d)

About the Author

H. Richard Steinhoff has been involved in thousands of real estate transactions with buyers and sellers in his 30 years as a real estate broker.
His Education includes a Bachelor of Science degree in Business Administration from California State University and a Certificate in Business from UCLA Graduate School of Business Administration.
He has received the "Man of the Year Award” from the Chamber of Commerce, the President’s Award from the Muscular Dystrophy Association, and has been listed in “Who's Who in California” as well as “Who's Who in the West.”

Table of Contents

Introduction 1

Section 1 All About Agents

Myth #1 Female Agents are Superior to Male Agents 3

Myth #2 Agents are Paid Salaries by Their Brokers 4

Myth #3 All Agents are Realtors® 4

Myth #4 Any Agent Can Broker a Transaction on His Own 4

Myth #5 I Need to Call Many Agents to See All the Houses That are Available 4

Myth #6 Agents List for a Higher Price to Earn More Commission 5

Myth #7 An Agent Can Represent Only a Buyer or a Seller, Not Both 5

Myth #8 You Don't Need an Agent to Buy a House, It's All on the Internet 6

Myth #9 You Can Save Money by Buying a House Directly from the Listing Agent 6

Myth #10 Agents Make Too Much Money for What They Do, They have an Easy Job 6

Myth #11 You Must Pay Your Agent's Commission When You Sign a "Buyer Representation Agreement" 8

Myth #12 I Can Sell My House Myself and Save Thousands 10

Myth #13 The Only Way to Find a Good Agent is to Check Ads in Local Real Estate Magazines 11

Section 2 Show Me the Money

Myth #14 It's Best to Wait until You Can Pay Cash before Buying a House 15

Myth #15 I Need to Be Pre-Qualified for a Loan before Making an Offer 15

Myth #16 When Shopping for a Loan, Always Take the One with the Best Interest Rate 16

Myth #17 It's Always Best to Get a Fixed Rate Loan 17

Myth #18 Your Credit Score is Important When Applying for a Loan 19

Myth #19 If You Plan to Buy a Car and a House, It's Best to Buy the Car First 24

Myth #20 I Need to Have a 20 Percent Down Payment to Buy a House 25

Myth #21 Loans are Difficult to Get for Almost Everyone 26

Myth #22 Applying to Multiple Lenders Will Damage Your Credit Score 26

Myth #23 I Should Find a House to Buy First, Then Apply for a Loan 27

Myth #24 You Can Increase Your Credit Score by Making More Money 27

Myth #25 I Can't Qualify for an FHA Loan 27

Myth #26 When Getting a Loan, It is Best to Work Directly with a Bank 29

Section 3 Adventures in Short Sales

Myth #27 Tall People Can't Utilize a Short Sale 31

Myth #28 Short Sales are Simple and Easy 31

Myth #29 Short Sales Can be Done Rather Quickly 39

Myth #30 Any Homeowner Can Do a Short Sale 40

Myth #31 A Short Sale Has No Advantage over a Foreclosure 42

Myth #32 You Have to be Behind in Your Payments to Qualify for a Short Sale 42

Myth #33 You Have to Pay Federal Income Tax on Short Sale Forgiven Debt 42

Myth #34 If You Fall Back on a Short Sale, the Lender Can Collect the Deficiency from You 43

Myth #35 A Short Sale Doesn't Affect Your Credit 44

Myth #36 After a Short Sale, You Endure a Long Wait Before You Can Buy Another House 44

Section 4 Spotlight on Foreclosures

Myth# 37 You Can Make Money by Buying a Bank Repossession (REO) 45

Myth# 38 Foreclosed Homes are Found Only in Bad Neighborhoods 47

Myth# 39 When Buying a House during the Foreclosure Process, it is Best to Buy in the Pre-Foreclosure Position 48

Myth# 40 A Foreclosure Won't Adversely Affect Your Credit 48

Myth# 41 Foreclosed Homes Always Need a Lot of Work 48

Myth# 42 Foreclosures Don't Affect your Ability to Buy Another Home 49

Myth# 43 A Homeowner Has a Redemption Period after a Foreclosure Sale Where He Can Regain Title to His Home 49

Myth# 44 I Can Stay in My House for 30 Days after the Bank Has Repossessed It 49

Myth# 45 When You Can't Make Your House Payments, It Is Nearly Impossible to Avoid Foreclosure 50

Myth# 46 Foreclosure Sales Offer a Good Opportunity to Buy a House at a Bargain Price 58

Section 5 The Art of Buying

Myth# 47 It is Better to Rent Than Buy 59

Myth# 48 It is Best to Find the House You Want to Buy Before Listing Your Own House 61

Myth# 49 You Don't Have to Compromise When You Buy a House 62

Myth# 50 New Homes are a Better Value 62

Myth# 51 It's Best to Look Only at Homes in Your Price Range 64

Myth# 52 Location is Important When Buying a House 64

Myth# 53 Always Buy the Best, Most Improved House in the Neighborhood 65

Myth# 54 Price is the Most Important Issue When Buying a House 65

Myth# 55 You Can Save Money by Buying a "Fixer-Upper" 65

Myth# 56 Always Make a Low-Ball Offer to Get the Best Price 66

Myth# 57 Always Take Time to Think it Over Before Making an Offer 67

Myth# 58 When Getting a Loan, Always Make Your Offer Subject to Appraisal and Loan Approval 68

Myth# 59 It is Best to Give the Other Party Plenty of Time to Respond to Your Offer 70

Myth# 60 If the House Looks Good, and the Seller's Disclosures are Fine, You Can Save Money by Not Paying for a Physical Inspection 71

Myth# 61 When Buying a Title Policy, You Only Need to Insure for the Amount of Your Loan 71

Myth# 62 Always Have a Home Warranty When Purchasing a House 75

Myth# 63 When Faced with Competing Offers, the Buyer's Best Strategy is to Write a Full-Price Offer 76

Myth# 64 It's Best to Try to Time Your House Purchase with the Bottom of the Market 76

Myth# 65 Always Make the Smallest Earnest Money Deposit You Can 77

Myth# 66 If I Decide Not to Buy a House That I Have Under Contract, I Can Always Get My Deposit Back 77

Section 6 Selling Lessons

Myth# 67 I Should Wait for Prices to Increase Before Selling 79

Myth# 68 Never Offer Your House for Sale Near the End of the Year 80

Myth# 69 I Should Worry About the Tax Implications of Selling 80

Myth# 70 It is All Right to List Your House High; You Can Always Come Down 81

Myth# 71 It's Better to Use an "Open Listing Agreement" When Listing Your House for Sale 81

Myth# 72 When Listing Your House, You Should Always Try to Negotiate a Lower Commission 82

Myth# 73 You Don't Need a Sign or a Lock Box to Sell Your House 82

Myth# 74 Before Putting it on the Market, it's Best to Have Someone Stage Your House 84

Myth# 75 You Should Request That Your Agent Conduct Open Houses 86

Myth# 76 When Someone is Showing Your House, You Should Stay Around to Answer Questions 86

Myth# 77 When Selling Your Home, Never Take the First Offer 87

Myth# 78 When You Have Multiple Offers, Take the Highest Price 88

Myth# 79 You Have to Make All Repairs Requested by the Buyer 89

Myth# 80 Once You are Under Contract, You Don't Need to Pay Your Mortgage 89

Section 7 Investment Primer

Myth# 81 It is Hard to Get Started in Investment Real Estate 91

Myth# 82 A Single Family Home Makes the Best Investment Property 94

Myth# 83 Financing Investment Property is Difficult 98

Myth# 84 Managing Investment Property is Simple; I Can Do It Myself 99

Myth# 85 It Doesn't Matter Where the Property is Located if the Numbers Make Sense 101

Myth# 86 Don't Buy a Property if the Rents are Low 102

Myth# 87 A Property That Needs a Lot of Work is Not a Good Buy 102

Myth# 88 Properties with Amenities, Like a Swimming Pool, are More Desirable 102

Myth# 89 Condo Conversions are a Good Investment 103

Myth# 90 It is Not Important to Learn Investment Terminology 104

Appendix A NAR Code of Ethics 107

Appendix B HAMP Guidelines 137

Glossary 165

Index 203

About The Author 209

Free Bonus Gifts 211

Editorial Reviews

For Consumers: “Anyone approaching the home buying or selling process for the first—or for the fifth time—should have Richard Steinhoff's new book, ‘Turning Myths into Money: An Insider's Guide to Winning the Real Estate Game,' in hand. This book is the best one-stop-shop for clearly understanding the real estate market today.”
For Realtors: “No real estate myth goes uncovered in Richard Steinhoff’s new book,' Turning Myths into Money: An Insider's Guide to Winning the Real Estate Game,' Real estate professionals should arm their clients with the information in this one-source text —they will thank you for it!”  ~ Erica Christoffer, Realtor Magazine, National Association of Realtors“'Turning Myths into Money' will tell you what you really need to know to deal with the real estate market. If you have any interest in real estate, you have to read this book.” — Jon Cook, President and CEO, Prudential California Realty

“Richard Steinhoff’s book comes at a time when America needs it the most. He provides real solutions to real problems. Clearly, the right book at the right time.” —Joe Niego, National Sales Trainer

“H. Richard Steinhoff has created a ‘no holds barred’ guide that every ‘would be’ or active investor needs. If you want to take charge of your financial future, this is the book for You.”  — Darius M. Barazandeh, Attorney at Law/MBA, Author and Investor

“If I had a friend or family member buying real estate in this market, I would want them to have a copy of 'Turning Myths into Money'.”  — Brian Buffini, Chairman and Founder, Buffini and Company

From the Publisher